Using a nominal GDP rule to guide discretionary monetary policy
针对美联储依赖相机抉择调整利率的现状，本文提出一种结合名义GDP反馈规则与灵活性的政策框架，旨在平衡长期通胀目标与短期产出稳定，并提供了相关实证证据。
Given doubts about the reliability of the monetary aggregates as intermediate targets of monetary policy, the Federal Reserve attempts to meet its dual goals--gradual reduction of inflation and mitigation of cyclical downturns in output--through purely discretionary adjustments of an interest rate instrument in response to myriad incoming data. A procedure in which the Fed would consult a nominal GDP feedback rule, while retaining the flexibility to use discretion in its monetary policy decisions, might contribute to achieving its long-run inflation goal without significantly interfering with its ability to pursue its short-run cyclical goal. This paper describes such a policy regime, and presents some empirical evidence pertinent to an assessment of how it might work.